ISX5.L vs. S600.L

Last updated Jun 6, 2026

ISX5.L (iShares Core EURO STOXX 50 UCITS ETF) and S600.L (Invesco STOXX Europe 600 UCITS ETF) are both Europe Equities funds - ISX5.L tracks the MSCI EMU NR EUR while S600.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, ISX5.L returned 11.88%/yr vs 9.08%/yr for S600.L. Their correlation of 0.85 suggests significant overlap in exposure. ISX5.L charges 0.00%/yr vs 0.19%/yr for S600.L.

Performance

ISX5.L vs. S600.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core EURO STOXX 50 UCITS ETF (ISX5.L) and Invesco STOXX Europe 600 UCITS ETF (S600.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ISX5.L is traded in USD, while S600.L is traded in GBp. To make them comparable, the S600.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with ISX5.L having a 4.97% return and S600.L slightly higher at 5.18%. Over the past 10 years, ISX5.L has outperformed S600.L with an annualized return of 11.88%, while S600.L has yielded a comparatively lower 9.08% annualized return.

ISX5.L

• 1D: -1.32%
• 1M: -0.64%
• YTD: 4.97%
• 6M: 7.07%
• 1Y: 15.90%
• 3Y*: 18.36%
• 5Y*: 10.22%
• 10Y*: 11.88%

S600.L

• 1D: -1.11%
• 1M: -1.53%
• YTD: 5.18%
• 6M: 8.40%
• 1Y: 16.55%
• 3Y*: 16.30%
• 5Y*: 8.31%
• 10Y*: 9.08%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ISX5.L vs. S600.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISX5.L iShares Core EURO STOXX 50 UCITS ETF	4.97%	37.35%	4.59%	26.91%	-13.63%	13.94%	6.81%	25.61%	1.58%	9.70%
S600.L Invesco STOXX Europe 600 UCITS ETF	5.18%	35.70%	1.97%	19.11%	-15.11%	15.38%	6.87%	24.98%	-14.82%	26.15%

Correlation

The correlation between ISX5.L and S600.L is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 4, 2014	0.85

The correlation between ISX5.L and S600.L has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

ISX5.L vs. S600.L - Sectors Allocation Comparison

Sectors	ISX5.L	S600.L
Financial Services	25.0%	23.7%
Industrials	21.4%	20.2%
Technology	17.0%	8.4%
Consumer Cyclical	9.8%	6.8%
Consumer Defensive	5.6%	8.1%
Energy	5.3%	5.7%
Healthcare	5.3%	12.6%
Utilities	4.7%	4.9%
Basic Materials	3.5%	5.5%
Communication Services	2.5%	3.0%
Real Estate	-	1.2%

Return for Risk

ISX5.L vs. S600.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ISX5.L

ISX5.L Risk / Return Rank: 28
ISX5.L Sharpe Ratio Rank: 26
ISX5.L Sortino Ratio Rank: 28
ISX5.L Omega Ratio Rank: 27
ISX5.L Calmar Ratio Rank: 27
ISX5.L Martin Ratio Rank: 31

S600.L

S600.L Risk / Return Rank: 46
S600.L Sharpe Ratio Rank: 49
S600.L Sortino Ratio Rank: 49
S600.L Omega Ratio Rank: 51
S600.L Calmar Ratio Rank: 39
S600.L Martin Ratio Rank: 44

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ISX5.L vs. S600.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core EURO STOXX 50 UCITS ETF (ISX5.L) and Invesco STOXX Europe 600 UCITS ETF (S600.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ISX5.L	S600.L	Difference
Sharpe ratio: Return per unit of total volatility	0.87	1.13	-0.26
Sortino ratio: Return per unit of downside risk	1.39	1.68	-0.29
Omega ratio: Gain probability vs. loss probability	1.17	1.21	-0.04
Calmar ratio: Return relative to maximum drawdown	1.23	1.43	-0.20
Martin ratio: Return relative to average drawdown	4.13	5.11	-0.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISX5.L vs. S600.L - Sharpe Ratio Comparison

The current ISX5.L Sharpe Ratio is 0.87, which is comparable to the S600.L Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of ISX5.L and S600.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ISX5.L	S600.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	1.13	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.48	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.51	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.36	+0.05

Drawdowns

ISX5.L vs. S600.L - Drawdown Comparison

The maximum ISX5.L drawdown since its inception was -38.62%, which is greater than S600.L's maximum drawdown of -36.10%. Use the drawdown chart below to compare losses from any high point for ISX5.L and S600.L.

Drawdown Indicators

	ISX5.L	S600.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.62%	-36.10%	-2.52%
Max Drawdown (1Y) Largest decline over 1 year	-12.92%	-11.54%	-1.38%
Max Drawdown (3Y) Largest decline over 3 years	-15.36%	-14.41%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	-34.86%	-32.53%	-2.33%
Max Drawdown (10Y) Largest decline over 10 years	-38.62%	-36.10%	-2.52%
Current Drawdown Current decline from peak	-2.30%	-2.73%	+0.43%
Average Drawdown Average peak-to-trough decline	-8.35%	-8.22%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.84%	3.23%	+0.61%

Volatility

ISX5.L vs. S600.L - Volatility Comparison

iShares Core EURO STOXX 50 UCITS ETF (ISX5.L) has a higher volatility of 5.39% compared to Invesco STOXX Europe 600 UCITS ETF (S600.L) at 4.21%. This indicates that ISX5.L's price experiences larger fluctuations and is considered to be riskier than S600.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISX5.L	S600.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	4.21%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	15.08%	11.98%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	18.14%	14.53%	+3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.89%	17.49%	+4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.99%	17.64%	+4.35%

ISX5.L vs. S600.L - Expense Ratio Comparison

ISX5.L has a 0.00% expense ratio, which is lower than S600.L's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ISX5.L vs. S600.L - Dividend Comparison

Neither ISX5.L nor S600.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ISX5.L and S600.L in my portfolio?

With a correlation of 0.91, ISX5.L and S600.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ISX5.L or S600.L?

On fees, ISX5.L is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ISX5.L or S600.L?

ISX5.L is cheaper with a 0.00% expense ratio, compared with 0.19% for S600.L.

What is the main difference between ISX5.L and S600.L?

ISX5.L tracks MSCI EMU NR EUR, while S600.L tracks MSCI Europe NR EUR. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.00% for ISX5.L and 0.19% for S600.L.